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By an overwhelming bipartisan vote of 327 – 98, the House of Representatives approved Paul’s “Audit the Fed” bill, officially known as the Federal Reserve Transparency Act of 2012, which would allow increased scrutiny of the Fed.

The lone Republican to vote “no” was a New York Congressman.

Rep. Bob Turner, who lost a Senate primary in June, said the Fed already has a yearly audit by an independent accounting firm and makes its balance sheets public.

“While I have serious concerns about the Fed’s actions during the financial crisis in 2008 and the monetary easing since then, Congress should not attempt to politicize what should be an independent institution,” Turner said in an e-mail.

The bill was first introduced in January of 2011, but didn’t make it out of committee until last week.

It calls for an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks to be completed within 12 months of enactment and reported to Congress.

The Comptroller General of the United States would submit a report along with any recommendations for legislative or administrative action, per the text of the bill.

Paul’s baby isn’t expected to make it past the Senate, where Democratic Majority Leader Harry Reid has promised not to bring it up for a vote. But the bipartisan support in the House for one of Paul’s signature policies—Federal Reserve transparency—underscores how the Congressman’s influence has ballooned since running for president in 2008.

“Only a few years ago, few would have believed that two thirds of the U.S. House of Representatives would support a complete audit of the Federal Reserve,” Matt Hawes, Vice President of the Paul-backing non-profit Campaign for Liberty, said in an e-mail.

Ninety-seven Democrats voted against “Audit the Fed.”

House Minority Whip Steny Hoyer echoed Turner's concerns, saying they fear it will “increase the likelihood that the Fed will make decisions based on political rather than economic considerations.”

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Stephen Reader covers politics for It's a Free Country, WNYC's interactive politics site. He joined the station in 2010 and has also worked for Studio 360, WNYC's Peabody Award-winning show about art, culture, and creativity.

Comments [5]

David

An entire article without why.

NY Rep. Bob Turner will do whatever it takes to get re-elected in Weiner's old Socialist Jewish district.The Zionist bankers that control the district hate Ron Paul because Paul is opposed to taking more money, under threat of force, from American goyem to give to an Israel that has 300 nukes and delivery for them already. Israel's unemployment is less*, growth rate is more*, and the non-Muslim citizenry has a higher income than the average non Jewish American. The Israeli military spending* percent is insignificant because there is no threat.

Lies about a nuke threat from Iran are transparent to anyone who looks. The Muslims can't nuke the Dome of the Rock, third holiest place on the planet, or Jerusalem, nor can they nuke the million Muslims living in the North. That leaves the Negev desert in the South.

Those who side with darkness on Audit the Fed will be remembered. Ron Paul, who has spent a life in the light, will be politically avenged. https://www.cia.gov/library/publications/the-world-factbook/geos/is.html

31,000,000 Americans became age 65 in 2011. That has added $310 billion dollars to the annual budget of the United States not including the cost of Medicare and Medicaid benefits, which young American will have to pay for. It took 198 years for the U.S. Government to borrow the first trillion dollars. Then, in just another 12 years, mostly under the Reagan ministration, it borrowed another three trillion. By the first year of the George W. Bush Administration, even before the attack on September 11, the federal debt had risen to over $5.8 trillion. By 2010 it had risen to $202 trillion, when all liabilities are included.

It is difficult to comprehend such numbers. If you had a stack of $100 bills 40 inches high, you would be a millionaire. $202 trillion would rise over 127 thousand miles into space. By the time you read this, after the expenditures of subsequent administrations that stack has reached the moon.

By 2006, gross interest payments on the national debt were running $406 billion per year. That consumed 17% of all federal revenue. It now represents the governments largest single expense; greater than defense; larger than the combined cost of the departments of Agriculture, Education, Energy, Housing, and Urban Development, Interior, Justice, Labor, State, Transportation and Veteran’ affairs

These charges are not paid by the government; they are paid by you. You provide the money through taxes and inflation. The cost currently is about $5,000 for each family of four. All families pay through inflation but not all pay taxes. The cost of each taxpaying family therefore is higher. On average over $5,000 is extracted from your family each year, not to provide government services or even to pay off previous debt. Nothing is produced by it, not even roads or government buildings. No welfare or medical benefits come out of it. No salaries are paid by it. The nation’s standard of living is not raised by it. It does nothing but pay interest.

31,000,000 Americans became age 65 in 2011. That has added $310 billion dollars to the annual budget of the United States not including the cost of Medicare and Medicaid benefits, which young American will have to pay for. It took 198 years for the U.S. Government to borrow the first trillion dollars. Then, in just another 12 years, mostly under the Reagan ministration, it borrowed another three trillion. By the first year of the George W. Bush Administration, even before the attack on September 11, the federal debt had risen to over $5.8 trillion. By 2010 it had risen to $202 trillion, when all liabilities are included.

It is difficult to comprehend such numbers. If you had a stack of $100 bills 40 inches high, you would be a millionaire. $202 trillion would rise over 127 thousand miles into space. By the time you read this, after the expenditures of subsequent administrations that stack has reached the moon.

By 2006, gross interest payments on the national debt were running $406 billion per year. That consumed 17% of all federal revenue. It now represents the governments largest single expense; greater than defense; larger than the combined cost of the departments of Agriculture, Education, Energy, Housing, and Urban Development, Interior, Justice, Labor, State, Transportation and Veteran’ affairs

These charges are not paid by the government; they are paid by you. You provide the money through taxes and inflation. The cost currently is about $5,000 for each family of four. All families pay through inflation but not all pay taxes. The cost of each taxpaying family therefore is higher. On average over $5,000 is extracted from your family each year, not to provide government services or even to pay off previous debt. Nothing is produced by it, not even roads or government buildings. No welfare or medical benefits come out of it. No salaries are paid by it. The nation’s standard of living is not raised by it. It does nothing but pay interest.

OF COURSE YOU WOULD NEVER SEE A JEW VOTE AGAINST A PRIVATE ROTHSCHILD BANK.THIS CROOK IS IN THE POCKETS OF THIS MAJOR GLOBAL CRIME CARTEL AND SHOULD BE BOOTED OUT OF OFFICE FOR NOT UPHOLDING HIS SWORN OATH.

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